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Morning News Call - India, November 7
November 7, 2016 / 3:52 AM / in a year

Morning News Call - India, November 7

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    FACTORS TO WATCH
    9:00 am: Prime Minister Narendra Modi and UK Prime Minister Theresa May
address opening session of Indo-UK TECH summit in New Delhi.
10:00 am: Commerce and Industry Minister Nirmala Sitharaman meets UK Secretary
of State for International Trade Liam Fox in New Delhi.
3:00 pm: India-UK Joint Economic Trade Committee Meeting Plenary in New Delhi.
4:00 pm: ICICI Bank hosts conference call after second-quarter earnings in
Mumbai.

    
    Livechat-HILLARY OR TRUMP?
We take a look at the markets on the eve of the U.S. elections with David
Lafferty, Chief Market Strategist at Natixis Global Asset Management at 6:30 pm.
To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Reliance to contest government's $1.55 bln penalty 
    India's Reliance Industries Ltd is to contest a $1.55 billion fine imposed
by the government on the company and its partners for selling gas belonging to
the blocks of Oil and Natural Gas Corp, Reliance said in a
statement. 
     India to buy rescue aircraft from Japan for $1.5-$1.6 bln - Nikkei
    India's Defence Ministry will agree on Monday to purchase 12 amphibious
rescue aircraft from Japanese manufacturer ShinMaywa Industries 7224.T worth
$1.5 billion-$1.6 billion, the Nikkei news paper reported on Sunday. 
     UK PM May seeks to boost trade ties with India before Brexit
    British Prime Minister Theresa May will use her first bilateral trade trip
since taking office to try to boost ties with India before leaving the European
Union. 
     India's GST will come on time, but multiple rates will dilute benefits
    India moved a step closer to creating a national sales tax but a deal on
rates reached on Thursday will hit some businesses harder than others, while its
complexity will dilute any boost to growth and undermine its reliability as a
revenue generator. 
     Ratan Tata installs new management team at Tata Sons
    Tata Sons has put in place a new management team for the $100 billion
steel-to-software group, days after its board ousted Chairman Cyrus Mistry and
disbanded his advisory council, triggering a public spat between him and Ratan
Tata. 
     India's Punjab National Bank Q2 net profit falls 11.5 pct
    Indian state-run Punjab National Bank reported on Saturday an 11.5 percent
fall in second-quarter net profit, while its bad-loan ratio improved slightly
from the previous quarter. 
     Pakistan will not attend tobacco conference in India
    Pakistan will not attend a global tobacco control conference in India next
week, a minister said on Friday, the latest fallout of strained diplomatic ties
between the nuclear-armed neighbours. 
     India's Jindal Stainless may bid for stake in SAIL's Salem plant
    Jindal Stainless said on Friday it would consider buying a majority stake in
a money-losing plant which Steel Authority of India is selling under pressure
from the government. 
     Suzuki lifts annual profit outlook on robust India and Europe sales
    Japan's Suzuki Motor Corp raised its annual operating profit forecast on
Friday, citing better-than-expected sales in India and Europe so far this
year.    
    
    GLOBAL TOP NEWS
     FBI clears Clinton in latest email review two days before election
    The FBI said on Sunday it stood by its earlier finding that no criminal
charges were warranted against Democrat Hillary Clinton for using a private
email server for government work, lifting a cloud over her presidential campaign
two days before the U.S. election. 
     BOJ policymakers admit time needed to hit price target-Sept mtg minutes
    A majority of Bank of Japan policymakers believe it could take time for
inflation expectations to firm, minutes of the central bank's September policy
meeting showed, underscoring doubts on how effective the BOJ's new policy
framework would be in achieving its ambitious 2 percent inflation
target. 
     Potential bidders for Takata may balk at GM bankruptcy precedent
    As auto supplier Takata Corp prepares for a possible U.S. bankruptcy filing,
potential bidders are poring over a recent U.S. court ruling that could expose a
buyer to liability for the company's defective air bags, sources have told
Reuters. 

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was at 8,510.00, up 0.79 pct from its previous
close.
     The Indian rupee will likely open lower against the U.S. dollar, as the
greenback strengthened after the Federal Bureau of Investigation said its latest
probe into Democrat Hillary Clinton's email usage did not warrant criminal
charges.
     Indian government bonds will likely edge lower ahead of a huge supply of
state notes tomorrow, while a buyback of sovereign debt today lowers prospects
of an open-market purchase of papers.The yield on the benchmark 6.97% bond
maturing in 2026 is likely to trade in a 6.82%-6.88% band
    
    
    GLOBAL MARKETS
     U.S. equity index futures rallied at the open on Sunday as bullish
sentiment returned to Wall Street following the largest streak of losses on the
S&P 500 since 1980. 
     Asian stocks bounced and the dollar strengthened on Monday after the FBI
said it stood by its earlier recommendation that no criminal charges were
warranted against Democrat Hillary Clinton. 
     The dollar jumped after the FBI said a review of newly discovered emails
did not change the agency's conclusion that no charges were warranted in the
case of Democrat Hillary Clinton's use of a private email server. 
     U.S. Treasury futures dropped on Sunday as U.S. election week trading
kicked off in the wake of news that the FBI was standing by its earlier finding
that no criminal charges were warranted against Democrat Hillary Clinton for
using a private email server for government work. 
     Oil prices rose, with traders citing opportunistic buying following sharp
declines in the previous week on the back of ongoing weak fundamentals. 
     Gold retreated as the U.S. dollar and stocks strengthened after the FBI
said it stood by its earlier finding that no criminal charges were warranted
against Democrat Hillary Clinton just two days ahead of the U.S. election. 
 
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.78/66.81  November 4       -$51.37 mln  $61.47 mln
 10-yr bond yield  7.02 pct     Month-to-date    -$95.29 mln  $242.55 mln
                                Year-to-date     $6.67 bln    -$805.81 mln
 
   
    For additional data:
    India govt bond market volumes       
    Stock market reports                 
    Non-deliverable forwards data        
    Corporate debt stories               [IN CORPD]
    Local market closing/intraday levels [IN SNAPSHOT]
    Monthly inflows                      [INFLOWS RTRS TABLE IN]
 
($1 = 66.70 Indian rupees)

 (shradha.singh@thomsonreuters.com)

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